InterContinental Hotels Group announced a total operating profit of $72 million for the first quarter of 2009--a steep 43 percent loss compared with $127 million

the year before. In the Americas, IHG reported an average daily rate decline of 3.7 percent to $97.32, an occupancy drop of 6.1 percentage points to 53.9 percent, and a revenue per available room decrease of 13.5 percent to $52.49. Globally, IHG's RevPar declined 13.6 percent. "As expected the start to the year has been very challenging for the industry. Occupancy showed signs of stabilization in the quarter, but room rates, which held up well during 2008, declined under the pressure of a very competitive market," according to a statement attributed to CEO Andrew Coslett.